Andhra Bank looks forward to restructure loans worth Rs 300 crore in Q2

Andhra Bank is likely to restructure loans aggregating Rs 300 crore in the current quarter. In the April-June quarter, 29 loan accounts of the public sector bank amounting to Rs 751 crore required restructuring, of which three large loan accounts alone amounted to Rs 530 crore. The bank aims to recover about Rs 400 crore from these accounts by September 2012.

The bank has registered a fall of 6.19% in its net profit at Rs 361.83 crore for the quarter under review as compared to Rs 385.71 crore for the same quarter in the previous year. However, the total income of the bank has increased by 17.75% at Rs 3357.22 crore for Q1FY13 as compared Rs 2851.18 crore for the corresponding quarter previous year.